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CMBS

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  • GE Real Estate International, the Asian and European arm of GE Real Estate, is targeting acquisitions of senior debt portfolios.
  • The £30 million ($60 million) class B tranche of the Gemini Eclipse commercial mortgage-backed securitization has been placed on review for downgrade by Moody’s Investors Service.
  • Citigroup, First Gulf Bank, Abu Dhabi Commercial Bank, National Bank of Abu Dhabi and Noor Islamic Bank have priced Sorouh Real Estate’s innovative asset backed sukuk.
  • Investcorp has started up a $1 billion fund to invest in performing commercial and residential real estate debt.
  • Breaches of loan to value covenants in European CMBS are unlikely to lead to enforcement of security, according to a report published by Standard & Poor’s this week.
  • London-based real estate investment trust Liberty International has purchased £111 million ($217 million) of European commercial mortgage-backed securities bonds—its biggest CMBS foray yet.
  • John Westerfield, a longtime Morgan Stanley commercial real estate executive, has retired from his position as head of debt funds.
  • Moody's Investors Service has downgraded $1.27 billion of bonds from a collateralized debt obligation completed by LNR Properties.
  • Standard & Poor's downgraded seven classes of a Morgan Stanley commercial-mortgage backed securities conduit last week and a number of investors are up in arms, saying that the move was premature.